CME Group Aims to Launch OTC Metals Market in Europe by Yearend

CME Group aims to launch cleared over-the-counter metals products in Europe by the end of 2011, a spokesman said on Tuesday.

That is the goal, Allan Schoenberg, director of corporate communications, told Reuters.

These would be products developed by CME group listed for OTC trading on CME Clearing Europe.

CME Group Inc said in June it aimed to expand its clearing service to over-the-counter base metals products in the United Kingdom, becoming the latest entrant in a developing race for a market seen growing due to regulation.

Metals clearing has become a hot topic since the London Metal Exchange said in May it was considering building its own clearing house.

The move triggered a flurry of bids for the world's biggest industrial metals exchange.